Rangers shareholders have "resoundingly" backed the issuing of more than £12million of new shares.

The resolution was supported by 84.4 per cent of shareholders at a general meeting at Ibrox on Friday morning.

The issue sees 63 million shares being made available at 20p per share.

The offer will be made to existing shareholders named as Barry Scott, John Bennett, Andrew Ross, Club 1872, Borita Investments Limited, New Trace Limited, Andrew Hawkyard, Neil Hosie, Paul Redbourn, New Oasis Asset Limited, Douglas Park, George Letham and George Taylor.

Rangers announced on their website that the issue, which is intended to raise more capital, was backed by the vast majority of voters.

Read More

The new share issue is not linked to King's long-running dispute with the Takeover Panel who have previously ordered him to make a 20p offer to buy out the rest of the club's shareholders.

A club statement said: "The company is pleased to announce that the resolution was resoundingly backed by shareholders with 84.4 per cent of shareholders who voted voting in favour of the resolution.

"This is a significant increase on the percentage who previously approved the principle of a non-pre-emptive share issue and is a welcome endorsement of the board’s decision to recommend the share issue to members."